REGISTERED CHARITY NUMBER . 1154957
THE RJPON CATHEDRAL NIUSIC TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

THE IUPON CAI'HLDIUL MUSIC TRUST
CONTENTS
Page
Reference and administrative details of the Charity> Its Trllst¢es and advisors
Trustees, report
Trustees, responsibilities st&tement
Independent auditors report on the financial staten)ents
Statement of fmancial aetivities
Balance sheet
Notes to tbe financial statemeDts
10-17
The following pages do not fonn part of the statutory financial statements:
ChArity Detailed income and expeDdithre account
18

THE RIPON CATHEDRAL riiisIc TRUST
IiEFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS
FOR TIIE YEAR ENDED 3 I DECEMBER 2024
Trustees
Sir Andrew Lawson Tancred (Chatrnian)
The Very Revd John Dobson DL
Mr P Arundel
Mr A Kitchingman
Mr R Graham
Mrs F Dodd
Mrs II K Edwards
Mr A T A Duckett
Retiring 16th April 2024
Charity registered
umber
1154957
Principal office
Liberty Courthouse
Minster Road
Ripon
North Yorkshire
HG4 IQS
Independent auditors
Arm￿rong Watson Audit Limited
Chartered Accountants
York House
Northallerton
North Yorkshire
DL6 2XQ
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kenl
ME19 4JQ
SolRCitors
Wrigleys Solicitors LLP
19 Cookridge Sir¢et
Leeds
LS2 3AG
Stockbrokers
tnvestec Wealth & Investment Ltd
Quayside House
Canal Wharf
Leeds
LSII SPU
Page I

THE RIPON CATHEDIL4L MUSIC TRUST
TRUSTEES) REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees prcsent their report with the financial statements of the charity for the year ended 31 December 2024. The trustees
have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
picparing their accounts in accordancc with Ihc Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS
102) {effective from l January 2019) and the Charities Act 201 I.
OBJEcT￿Ls AND ACTIVITIES
Objectives and Aims
TILe principal objcctives of the Charity are for thc public benefit to promote and advance the education of thc public ID thc art of
music. particularly (but not exclusively} at or in connection with liipon Cathcdral- to promote and advance the Chtistian religion
and public worship connected with it through the support of Music at or in connection with Ripan Cathedral and also lo further
such cbaritable purposes relating to Ripon Cathedral as th¢ Trustees in their absolut¢ discretion think fit.
Public benefit
From l April 2008 section 4 of the Charities Act 2006 requires all charities to me¢t the legal requirements that its aims aTC foT the
public benefit. The Charity Commission in its"ChaTilies and Public Benefit" Guidance states that tbeTe are two key PTinciples to be
rnet in order to show that an OTganisation's aims are for the public benefit.. flrstly, therc must be an identifiable benefit and
secondly, that thc benefit must be to the public or a section of the public. The Trus¢ees confirni that they have complied with the
duty in section 4 of the Charities Act 2006 lo have due regard to the public benefit guidance published by the Comrnission in
deterniining the activities undertaken by the Charity. Thc TTUStees are satisfied that the aims and objectives of the Charity. and the
activities reported on the above to achieve those aims, meet these principles.
ACHIEVEMENT AND PERFORMANCE
2024 was a particularly exciting and rewarding year for the Ripon CathedTal Music Trust. There has also been considerable activity
in other areas. Project Phoenix has continued to deliver spectacular results. There are now over 60 choristers plus 8 ¢horal scholars
(more on special occasions) and 6 Lay Clerks. The sheer quality of the Choir has continued to rise and we can have growing
confidcnLC that our ambitioll to make the LhoiT onc of the best cathedral choirs ID th¢ country will shortly bc Tealised.
The choir's trip to Bavaria. briefly mentioned in my report foT 2023. was a huge success. 'Ihe choir took part in scrvices in
Regensberg {2) and MunÉch and gave concerts in Waldsassen and Nuremberg. The Walds&£sen concert was perhaps the highlight
of the trip. The wondcrful baroque church was fjlled to capacity - J]caTly 800 people - and ihe conclusion of the concert was met
with a standing ovation. Another highlight was the release of the Choir's Christmas CD, which has already sold in cxccss of 500
copies. As in 2023. the choir joined forces with Ripon's St Cccilia OTchestra in a sold-out Christmas concert mixing the less
familiar With some old favourites.
The Trustees would like to exprcss their thanks and appreciation lo Canon Michael Gisbourne (Canon Precentor). DT Ronny
Krippner (Director of Music), Tim Harper, Alastair Ston¢ and all those in the music departraent for their conllnilment and hard
work. Thanks, are also due to all the children, parents, choral scholars and lay clerks who have demonstrated an astonishing
con]mi¢ment to getting the choir to where it is today. Plans for 2025 include a trip to London where the ¢kLoir will take part in
seTvice5 in Westminster Abbey.
FINANCtAL REVIEW
Our funds remain invested with Investe¢ Wealth and Investment Litnited and at 31 December 2024 the inve5Lment ￿nd incTeased
to £1,812,932 (2023 £1,700,818). Shares rose across the globe and our fund rose by 6.60/0 (2023 3 %) in 2024.
Page 2

THE IUPON CATHEDIL4L MUSIC TRUST
TRL7STEES' REPORT (CONTINUED)
FOR THE YLAR ENDED 31 DECLMBER 2024
STRUCTURE, GOVERNANCE AND MAFIAGEMENT
Governing document
The charity is controlled by its govcrning document, a deed of trust, and constitutes an unincorporaled charity.
Induction traiDing of the new trustees
All new trustees are given, in thc view of the boaTd, sufficient training and have knowledge of the specific field to understsnd the
natur¢ of the charity and fully comply with th¢ chaTities current views of its progression. They are requiT¢d to ensure they are both
aware of both their legal and professional responsibilities under charity and company law.
Organisation
The Truslees listed on page I, are enliiled to hold officc for 5 years from the date of their appointment. The power of appointment
of new Trnstees is vested in the Cathedral Chapter. The Chapter may appoint itself, its employees, officers an(VoT agcnts as
Trnstee(s) if it so wishes. The number of Trustees shall be maintained at not less than 3 and no more than l O. The Trustees meet
together for the dispatch of business, adjoum or otherwise regulate their mtttings as they think fit, twice a year.
Risk n)xn2gement
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in
place to provide reasonablc dssurance against fraud and error.
Approvcd by order of the board of truste
d signed on its bchalf by.. The Very Revd John Dobson
n of Ripon Cathedral
Date:
03106 I￿25
Page 3

THE IUPON CATHEDRAL MUSIC TRUST
STATEMENT OF TRUSTEES, RESPO￿'S￿BILITlEs
FOR TUE YEAR ENDED 31 DECEMBER 2024
Thc Trustees aTe Tcsponsible for prcparing the Trustees, report and the financial statements in accordance with
applicable law and United Kingdom Accounling stand￿ds (Unitcd Kingdom Gcncrally Acccptcd Accounting
PTaLtiLe).
Thc law applicable to charitics in England & WalGs requires the Trustees to prepare fmancial statemenls for
each financial year which give a truc and fair vicw of thc.4tate of affairs of the Charity and its incoming
r¢sourc¢s and application of rcsources, including its income and expenditure, for the period. In prcparing these
rinancial statements, the Trustees aTC TequiTed to:
select suitable accounting policies and then apply them CODSiStently,'
observe the methods and principles of the Charities SOR￿ (FRS 102),.
make judgements and accounting estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards (FRS 102) have been followcd, subject to any material
departures disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate accounting r￿ordS that are sufficient to show and explain
thc Charity's transactions and di&closc with reasonable accuracy at any time the financial position of the Charity
and enabl¢ them to ensure that the financial statements comply with thc Chdritics Act 2011, thc Charity
(Accounts and Reports) Regulations 2008 and thc provisions of thc Trust deed. They are also responsible for
safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and dclcLtion of
fraud and othcr irrcgularities.
AppToved by ord¢r of the mernbers of the board of T￿SteeS and signed on its behalf by..
er
Revd John Dobson
Date..
0310612ULS
Page 4

THE RIPON CATHEDILIL MUSIC TRUST
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RIPON CA THEDRAL MUSIC TRUST
Opinion
We have audited the financial statements of The Ripon Cathedral Music Trust {Ihe 'charity') for the year ended 31 Decernber 2024
which Comprise the statement of financial aclivilies, the balance sheet and the related notes, including a summary of significant
accounting policies. The ftnancial reporting framework tbat has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Rcporting Standard 102 'The Financial Reporting Standard applicable in the
UK and Republic of Treland, Iulllted Kingdom Generally Accepted Accounting Practice).
The financial statements have been PTepared in accordance with Accounting and Reporttng by Charities preparing their accounts in
aC￿rdance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference io the
Accounting and Reporting by Charities: Statement of Rccommended Practice issued on l April 2005 which is referred to in the
extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a Irue and fair view in accordance with the Generally Accepted Accounting
PTactiee effective for reporting PCTiods beginning on or after l January 2019.
In our opinion the financial statements..
give a true and fair view of the state of the chaTity's affaiTS as at 31 December 2024 and of its incoming resources and
application of resources for the year then ended.
have been properly prepared in accordance witb United Kingdom Generally Acceptcd Accounting Practice. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted OUT audit in accoTdance with International Standards on Auditing (iJK) (ISAS OJK)) and applicable law. Our
responsibilities under those standards are further described in the Auditors, responsibilities for the audil of the financial staternents
section of our report. We are independent of the charity in a¢¢ordan¢e with Ihe ethical requirements that are relevant lo our audit of
the f￿ancial statements in the United Kingdorn, including the Financial Reporting Council's Ethical Standard, and we havc
fulfilled OUT other ethical responsibilities in accordance with these requirements. We believe ihat the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Con¢lusion$ relating to going coneerD
In auditing the financial statements, we have concludcd that the TTUStees' use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Based on the work we have perfonned, we have not identified any material uncertainties relating to evenls or conditions that,
indivkdually or collectively, may cast significant doubt on the Charity's abilily lo continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilitie5 of the Trustees wlth respect to going concern are described in the relevant sections of
this report.
Other information
The other inforniation comprises the inforniation included in the annual report other than the financial statements and our auditors,
report thereon. The TThstees are responsible for the other infonnation contained within the annual report. Our opinion on the
flnancial statements does not cover the other infonnation and, except to the extent oihenvise explicitly stated in our report, we do
not express any foTm of assurance conclusion thereon. Our responsibility is to read the other infonnation and, in doing so, consider
whether the other inforniation is materially inconsistent with the fmancial statements, or our knowledge obtained in th¢ course of
the audit, or othenvise appears to be materially misstated. If we identify such material inconsislencies or apparent material
misstatements, we are required to delennine whether this gives rise to a material misstatement in the financial statements
themselves. If, based on the WOTk wc havc perforni¢d, we Conclude that there is a material misstatement of this other infom)ation,
we are required to report that facl.
We have nothing ¢0 report in this regard.
Page 5

THE RIPON CATHEDtL4L MUSIC TRUST
INDEPENDENT AIIDITORS) REPORT TO THE MEMBERS OF THE RTPON CATHEDIL4L MUSIC TRUST
Matters on which we are requfired to r¢port by exceptlOD
We have nothing to report in respect of Ihc following malters where the Charities (Accounts and Reports) Regulations 2008
requires us to report to you if, in our opinion:
the infornlation giwen in the Trustccs, report TS inconsistent in any material respect with the fillancial statements. or
sufficient accounting records ILave not been kept. or
the financial statements are not in agreement with the accounting records and returns,. or
w¢ hav¢ not Teceived all the inforniation and explanations we require for our audit.
RespoDsibilities of trustees
As explained more fully in the trustees, responsibilities statement, the Truslecs are responsible for the preparation of the financial
statements which give a true and fair view. and for such internal ¢onlrol as the Trustees determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concem,
disclosing. as applicable, matters related Io Eoing concern and using the going conccrn basis of accounting unless the Trustees
either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors, responsibilities for the Audit of the finAn¢ial statements
We have been appointed as auditor under section 145 of the Charities Acl 2011 and report in accordance with the Act and relevant
regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about wheiheT the financial statements as a whole are free from materia]
misstatement, whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with TSAS (UK) will always detect a malerial
misstatement when it exi,sls. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influ¢n¢e the economic decisions of users taken on the basis of these financial
statements.
Irregularities, including frdud, are instances of non-compliance with laws and regulations. We design procedures in liJ)e with our
responsibilities, outlined above, to detect matcrial misstaternenls in respect of irregularities, including fraud. The exttnt to which
our procedures are capable of detecting irregularilies, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities: including fraud and non-
compliance with laws and regulations, was ￿ follows=
the engagement partner ensured that the engagement leam collectively had the appropriate competen¢e, capabilities and
skills to identify or recognisc non-COLnpliance with applicable laws and regulations, such as the Charities Act 2011.
we identified the laws and regulations applicable to the Charity through discussions wilh Trustees and other management.
we assessed the extent of ¢ompliance with the laws alld regulations idcntified above through making enquiries of
nLanagement,' and
identified laws and regulations were ¢ommunicaled within the audit team regularly and the team remained alcrt to
instances of non-compliance througbout the audit.
We assessed the susceptibility of the Charity's financial statements to mateTial rnTSStatement, including obtaining an understanding
of how fraud might occur, by..
making enquiries of management as to wheTe they considered there was susceptibility to fraud, their knowledge of actua],
suspected and alleged fraud. and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and Tegulations.
Page 6

TEIE IUPON CATHEDRAL MUSIC TRUST
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RIPON CATHEDRAL MUSIC TRUST
To address the risk of fraud through management bias and OVCTride of controls, we..
perfornied analyts.cal procedurcs as a Tisk assessment tool to identify any unusual or unexpected relationships.
tesied journiil cntrics to idcntity unusual transactions.
Icstcd thc operating effectiveness of key controls over purchasc cyclcs on a samplc basi5,' and
Teviewed the application of accounting policies includiT]¥ thc application of capitalisation of tangible assets
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but
were not limited to:
agreeing financial statement disclosures to UDdeTlying supporting documentation. and
enquiring of mauagement as to actual and potential litigation and claims.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements
in the financial statements, even though we have properly planned and perfom)ed our audit in accordance with auditing standards.
For example, as with any audit, there remained a higher risk of non-delection of itTegularities, as these may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud
OT noDcompliarLce with laws and regulalions and cannot be expected to detect all fraud and non-complian¢e with laws and
regulations.
A furthcr dcscTiPtion of our responsibilities for the audit of the fmancial statements is localed on the Financial Reporting Council's
websile al.. www.frc.org.uklauditorsrcspon8ibililics. This descriptt.on fomis part of our auditors, rcport.
Use of our report
This report is made solely to the charity's trnstees, as a body, in accordance with Part 4 of the Cbarities (Accoun15 and Reports)
Regulations 2008. Our audit work has been undertaken so that we rnight State to the charity's trustees those matteTS we are required
lo state to them in an auditors, report and for no other purpose. To the ￿lIest extenl perniitted by law, we do not accept or assume
responsibility to anyone other than the charity and its trustees. as a body, for our audit work, for this report, or for the opinions we
have fonned.
Simon Turner (Sellior Statutory Auditor)
For And on behalf of Armstrong Watson Audit Lfimited
Chartered Accounlanls & Siatutory Auditors
Northallerton
Dat¢: 0310612o2s
Arnistrong Watson Audit Limited are eligible to act as auditors in terms of section 1212 of the Cornpanies Act 2006.
Page 7

THE RIPON CATHEDRAL MUSIC TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECETrIBER 2024
2024
2023
Totsl
Endowment Unrestricted
Funds
FuDds
Total
Funds
YCOME AIYD EIYDOH￿ENTs
FROM
Donations and Icgacies
Investment Income
65
39,815
65
39,815
20,500
41,863
TotAI income and endowments
39,880
39,880
62,363
EXPEF4DITiIRE ON
Raising funiL8
Charitable activities
8,084
8,084
112,839
8,173
96.935
112,839
Total Expenditure
8,084
112,839
120,923
105,108
Net incomel(expenditure) beforc net
gainsl(losses} on investments
(8,084)
(72,958)
(81,043)
(42.745)
Net gains on investments
147,423
147,423
97,838
et income
139J38
(72,958)
66,380
55,093
Trgnsfers
(72,958)
72,958
Net rnovement in funds
66J81)
66,380
55,093
Reconciliation of funds:
Total fiulds brough fonvaTd
Net movement in filnds
1,902,444
66,380
1,902,444
66?80
1,847,351
55,093
Total funds carried forward
1,968,824
1,968,824
1,902,444
The Statement of fmancial activities tncludes all gains and losses recognised tn the year.
Th¢ notss on pages l O to 17 forni part of these statements.
Page 8

'rHE IIIPON CATHEDRAL MUSIC TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
Total
2023
Total
Funds
Funds
Notes
Ffixed Assets
Tnvestmellts
1,812,932
1,700,818
Current Assets
Debtors
Cash at batjk
1,459
158,072
3,487
201,479
159,532
204,966
Current Liabi]ilies
Creditors.'amounts falling due within one
{3,640)
{3,340)
Net Current assels
155,892
201,626
Total assets less eurrent liabilities
1,968,824
1,902,444
Total net assels
1,968,824
1,902,444
ChArAty Funds
EndoMTnent funds
Restricted
Unrestricted
10
io
io
1,968,824
1,902,444
TOTAL FUNDS
1,968,824
1,902,444
Th¢ fmancial statements were approved and authorised for issue by the Trnstees and signed on their bebalf by:
Dobson
Andrew Kitchingman
Date..
(XIO6IZ()2S
The notes on pages 10 to 17 £orni part of these f￿anCIal statements.
Page 9

THE RIPON CATHEDRAL TsqUSIC TRUST
NOTF,S TO THE FINANCL4L STATEMENTS
FOR THE YEAR ENDLD 31 DECEIIIBER 2024
Accounting po]icies
1.1 Basis of preparfing the financial ststement5
The financial statemenls have been prepared in accordance with the Charities SORP (FRS 102)-Accounting and
Reporting by Chan'ties.. Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (¢ffective
l January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the
Charities Act 201 l. The fmancial statements have been prepared under the bistorical cost convension with the exception
of investments ThTbich are included at market value, &s modified by the revaluation of certain assets.
The financial statements have been repared to give a 'true and fair, view and have departed frotn the Charities (accounts
and Reports) Regulations 2008 only to the extent required to provide a 'ttue and fairf view. The departure has involved
following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by
CIMrities: Statement of Recomwended Practice effective from l April 2005 which has since been withdrawn.
The Ripon Cathedral Music Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities
are initially recognised at historical cost or transaction iialue unless othenvise ststed in the relevant accounting policy.
1.2 Financial reporting stsndard 102 - redueed disclosure exemptions
The cbarity has taken advalltage of the following disclosure exemption in preparing these finacial statements, as
perniitted by FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland,:
the requirements of Section 7 Statement of Cash Flows
1.3 Going concern
The Board of Trnstees have assesed the l)islori¢al fJnan¢ial perforn)ance of the Trust and the ￿tUre plans. This
includes consideration of the impact of Macro economy and the adverse impact this may have on incoming resources
such as investment income. Given the charity has limited committed obligations for the period to at least Iwelve months
after the date of the approval of these accounts. and equity assets (even if at a reduced value date to Macro economy}
that it could realise at short notice that are more likely than not to ex¢eed and obligatioii, the Trustees are satisfied from
this Teview that the charity Temains a going ¢oncern. The fllwicial statements have been prepared on tbat basis
accordingly.
1.4 Income
All incoming is recognised once the Charity has entitlement to tbe income. it is probable that the
incoTne will be received and the amount of income receivable can be me&sured reliably.
Page 10

THE RIPON CATHEDRAL MUSIC TRUST
IYOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR EM)ED 31 DECEMBER 2024
Accounting polfficies (eontinued)
1.5 Expenditure
Liabilities are recognised as expenditure as soon as tbere is a legal or constrnctive obligation ¢on]mitting the charity to
that expenditure, it is probable that a transfer of e¢onon)ic benefits will be required in settlement and the amount of the
obligation can be measur¢d reliably. Expenditure is accounted for on an accruals basis and has been classified under
headings that aggregate all cost related to the Gategory. Where costs cannot be direcdy attributed to particular
beadings they have been allocated to activities on a basis consisfrnl with the use olresources.
Grants otyered subject to conditions which bave not been met at the year end date are noted as a conjmitment but not
accrued as expenditure.
ExpenditLwe on charitable activities is ijjoutted on directly undertaking the activities which ￿rther the Charitys objectives
as well as any associated support costs.
All expenditure is inclusive of irTecoverable VAT.
1.6 Investments
Fixed asset investments are a forni of fmancial instrument and are initially recognised at their tratL8action cost and
Sub￿qU¢￿tIY measured at fair value at the balance sheet dale, unless the value ¢annot be measured Teliably in which
case it is theasured at cost less impainnent. Investment gains and losses. whether realised or unrealised, are combined
and presented as 'Gainsl(Losses) on investments, in the statement of fU￿nCial activities.
1.7 Debtors
Trade and other debtors are recognised at tbe settlement atllount after any trade discount offered.
Prepawients are valued at the amount prepaid net of any trade discounts due.
1.8 Cydsh at bank and in hand
Cash at bank and in hand includes cash and short-tern] highly liquid investments with a short maturity of three months
or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable
that a transfer of economic benefit will be required in settlement, and the amount of the settlement ¢an be estimated
reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has
received as advanced payments for the goods or seTViGes it must provide.
Provisio1￿ are measured at the best eStin￿le of the amounts required to settle the obligation. Where the effect of the
time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax
discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the
statement of financial activities as a fmance cost.
Pagell

THE lI￿oN CATHEDRAL MUSIC TRUST
NOTES TO THE FINANCL4L STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng policies (continued)
1.10 Financial instruments
The Charity only has fman¢ial assels and fmancial liabilities of a kind that qualify as basic fmancial
instruments. Basic financial instruments are initially recognised at transaction value and subsequendy measured
at their settlement value Véith tbe exception of baJ)k loans which are subsequendy measured at amortised
cost using the effe¢tiv¢ interest method.
1.11 Taxation
The charity is cxcrnpt from tax on its chariable activities.
1.12 Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted ￿llds can only be used for particulaT restricted puryoses within the objects of the charity. RestriGtions
arise when specified by the donor or when fimds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each ￿nd is included in the notes to the f￿ancial statements.
Ineome from donations and legacies
Unrestricled
Total
funds
2024
runds
2024
Donations
65
65
Unrestricted
fimds
Totsl
fimds
2023
2023
Donations
20,50Q
20,500
INVFSTMENT INcOl￿E
Unrestrieted
Total
funds
2024
funds
2024
Other investhient income
39,815
39,815
39,815
39,815
Unrestricted
nds
2023
Total
funds
2023
Other investment income
41,863
41,863
41,863
41,863
Page 12

THE RIPON CATHEDIL4L MUSIC I'RUS'r
F40TES TO THE FINANCIAL STATEMENTS
FOR TllE YEAR ENDED 31 DECEMBER 2024
Investment management Costs
Endowment
Total
Funds
2024
fund$
2024
Portfolio management
8,084
8,084
Endomrynent
Funds
Totsl
fi)nds
2023
2023
Portfolio management
8,173
8,173
Auditors, remuneration
2024
2023
Fees payable to the Charity's auditor for the audit of the Charity's financial statements.
3,000
2,400
Trustees, remuneraiion and expenses
During the year. no Trustees received any remuneration of other benefits {2023 - £Nil)
Dunng the year ended 31 De¢ember 2024, no Trustee expenses have been incuThd (2023 - £Nil)
Page 13

THL IIIPON CAIIIEDRAL MUSIC TRUST
NOTES TO THE FINANCL4L STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Fixed Asset investments
Listed
tnvestments
Cost or valuation
At l January 2024
Additions
Disposals
Revaluations
1,700,818
273,915
(309,224)
147,423
1,812,932
Net Book Value
At 31 December 2024
1,812,932
At 31 December 2023
1,700,818
2024
Fixed interest
UK Equities
Overseas equities
539,288
469,884
803,760
Total
1,812,932
Debtors
2024
2023
Due Ivithin one year
Other Debtors
1,459
3,487
Creditors:Amounts falling due wfithin one year
2024
2023
Other creditors
3,640
3,340
Page 14

THL RIPON CATHEDRAL MUSIC TRUST
I¥JOTES TO THE FINAINCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10. StatemeDt of funds
Statement of funds - current year
Balance at I
B￿allet at
January
2024
Ineome
Expenditure
Gainsl
(Losses)
31 December
2024
Unrestricted funds
Gcneral Fund
39,880
{112,839)
72,958
EDdowment Funds
Endowinent Funds
1,902,444
(8,084)
74,465
1,968,824
Total of Funds
1,902,444
39,880
(120,923)
147,423
1,968,824
Statement of funds - prior year
Balance at I
Balance at
31 December
January
2023
Income
Expenditure
Gain
{LA)sses)
2023
Unrestricted funds
General Fund
{13,736)
62,363
(90,935)
48,308
Endowment Funds
Endowrnent Funds
1,861,087
(8,173)
49,530
1,902,444
Total of fulld5
1,847,351
62,363
(105,108)
97,838
1,902,444
Page 15

THE RIPON CATHEDIL4L IWSIC I'RUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11. Summary of funds
Sununary of fund5- current yeydr
Balance at I
Balance at
31 December
2024
January
2024
Ineome
Expenditure
Gainsl
(Losses)
General Fund
Endowmellt Funds
39,880
(112,839)
(8,084)
72,958
74,465
1,902,444
1,968,824
1,902,444
39,880
(120,923)
147,423
1,968,824
Sumnmry of funds- prior year
Balance at I
January
2023
Balance at
31 December
Income
Expenditure
Gainsl
(Losses)
2023
General Fund
Endownent Funds
(13,736)
1,861,087
62,363
(96,935)
(8,173)
48,308
49,530
1,902,444
1,847.351
62,363
(105,108)
97,838
1,902,444
12. Analysis of net assets betTrveell funds
Analysis of net assets betTrveenfunds - current period
EDdoTvment
fllnds
2024
Restricted Unrestricted
funds
fllnds
2024
2024
Total
funds
2024
Fixed asset investments
Curreut assets
Creditors due within one year
Difference
1,812,932
159,532
(3,640)
1,812,932
159,532
(3,640)
Total
1,968,824
1,968,824
Page 16

THE IUPON CATHEDIL4L MUSIC TRUST
NOTES TO THE FINANCL4L STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
J2. Analysis of net assets between funds- currelll period (continued)
Analysis of net assets behveenfunds - prior year
Endowment
funds
2023
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Fixed asset investsllents
Current assets
Creditors due within one year
Difference
1,700,818
204,966
{3,340)
1,700,818
204,966
(3,340)
Total
1.902,444
1,902,444
13. Related party transactions
In the year ended 31 December 2024, the contribution towards the office cost of Ripon Cathedral Developrnent Trust
was £Nil (2023.. £Nil) and a contribution of £Nil (2023: £Nill) lowards the office cost and bookkeeping of Tbe
Chapter of Ripon Cathedral. tn addition a contribution of £64.000 (2023: £64,000) was paid towards the music costs
of The Chapter of liipon Cathedral. In addition a contribution of £30,000 (2023 £30,000) was paid towards the
Phoenix Project and £10,000 toward the Choir Tour.
Page 17

THE RIPON CATHFDRAL MUSIC TRUST
LYCOME AISD EXPFNDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEIIBER 2024
2024
2024
2023
2023
Jn¢ome
Donations
65
Leg4¢ies
Other Investment income
Deposit aG¢ount interest
20.500
39,735
2,128
37,762
2,054
39,880
62,363
GainAI(Lo*$e$) on investments
Gainl(loss) on invcstrnents
147,423
97,838
147,423
97,838
Gross income in tbe reporting period
187,303
160,201
Less:
Portfolio management
Fund Raising Costs
Grants to institutions
8,084
5.760
104,000
8,173
94,000
117,844
102,173
Support costs
Bank Charges
Office costs
RCDC Otytce Costs
Bookkeeping services
Accountancy
65
65
470
14
3,000
2,400
3,079
2.935
Total expenditure
120,923
105,108
Net income for the reporting period
66,380
55,093
Surplus for the reporting period
66,380
55,093
The notes on pages l O to 17 forn] part of these financial statements.
Page 18